WestJet Airlines Ltd. reported a third-quarter profit of $45.9 million, down from a profit of $135.9 million in the same quarter last year amid rising fuel prices.
The airline says the profit amounted to 40 cents per diluted share for the quarter ended Sept. 30, compared with $1.15 per diluted share a year ago.
Revenue totalled $1.26 billion for the quarter, which included the busy summer travel period, up from $1.21 billion a year earlier.
OBJ360 (Sponsored)
Discover Technata event builds bridges between tech companies and talent
You likely already know that Kanata North is home to numerous thriving technology companies. But did you know it actually boasts the highest concentration of technology talent in North America?
How Event Design can be a force multiplier for your next business event
Event Design Group Inc. Director of Corporate Events Angela Spicer says she has a unique technique for tracking customer satisfaction at the hundreds of events her company stages each year.
Analysts on average had expected a profit of 33 cents per share for the quarter, according to Thomson Reuters Eikon.
WestJet says the drop in its quarterly profit compared with a year ago came amid an increasingly competitive environment and rising fuel prices.
Aircraft fuel costs per litre were up 37.1 per cent compared with a year ago.
WestJet’s capacity, measured by available seat miles, in the quarter was up 9.9 per cent from a year ago, while traffic, measured by revenue passenger miles, in the quarter increased 8.6 per cent.
Its load factor decreased to 84.6 per cent compared with 85.7 per cent a year ago.
